Shares of RITES surged nearly 13% on November 25 after the Northeast Frontier Railway increased its project estimate for the LMG-BPB electrification work to Rs 531.77 crore, up 84% from the earlier estimate of Rs 288.44 crore. This project, part of the Lumding division of Northeast Frontier Railway, is being executed on a turnkey basis and significantly boosts RITES’ order book, which stood at Rs 2,000 crore in the first half of FY25.
The company has been steadily reporting strong order momentum with over 90 orders coming in Q2 and securing Rs 650 crore worth of contract in Q3 so far. At 09:31 am, shares of RITES were trading at Rs 302.50 on NSE, up 12 percent in the last one week.
Recently, RITES received prestigious orders: a Rs 36 crore from Delhi Metro Rail Corporation for retrofitting RS-1 trains and a Rs. 59.13 crore supervision contract from UP State Bridge Corporation regarding infrastructure projects in Uttar Pradesh.
Apart from this, RITES has expanded its strategic partnerships by signing the MoU with SAIL-Bokaro Steel Plant for railway infrastructure and with Etihad Rail to enhance UAE’s infrastructure.
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Source: Moneycontrol
News Desk
